Chimezie Chuta is a prominent Nigerian blockchain, cryptocurrency, and fintech expert, widely recognised for his contributions to education, advocacy, and policy engagement across Africa’s digital asset ecosystem.
He currently serves in multiple leadership capacities including as partner at Adaverse, contributing to strategic blockchain and Web3 initiatives; Africa Lead, Technology & Innovation at Blockspace Africa Technologies Ltd, steering technology adoption and developer growth; coordinator & founder of the Blockchain Nigeria User Group (BNUG), Nigeria’s premier community of blockchain users, builders, and innovators, and advisor (West Africa) for Kinesis Money and strategic advisor across other blockchain ventures.
Earlier in his career, Chuta was regional director for Africa at Paxful Inc., where he helped grow peer-to-peer crypto marketplaces and blockchain education across the continent.
He plays an active role in Nigeria’s regulatory and policy ecosystem, serving on key industry committees such as the Fintech Roadmap Committee for the Nigeria Capital Market and contributing to SEC and NITDA working groups on digital assets and blockchain standards.
Chuta is also an author and technologist, having published Seizing Opportunities in Blockchain and Digital Currency Revolution: A Handbook for Enthusiasts and other guides aimed at demystifying blockchain for entrepreneurs and regulators.
As a speaker and commentator, he is regularly featured at major fintech and tech summits across Africa and globally, and appears in media outlets to discuss innovation, digital assets, and the future of finance.
In this interview Techeconomy Editor, Chimezie Chuta said he believes in the school of thought that smart regulation is all Nigeria needs to unlock opportunities in the crypto space. Excerpt:
TE: PwC estimates that Nigeria processed about $92.1 billion in crypto transactions in one year. What does this figure really tell us about Nigeria’s crypto economy?
Chimezie Chuta: The number tells us something fundamental which is crypto adoption in Nigeria is no longer speculative, it is infrastructural. This level of transaction volume shows that millions of Nigerians are already using crypto rails for payments, savings, remittances, and trade. The challenge is not demand; it is formal integration.
Crypto is already functioning as an alternative financial layer. The opportunity for government is to formalise it in a way that captures value without suppressing usage.
TE: How can Nigeria convert this massive crypto activity into measurable economic value for government and citizens?
Chimezie Chuta: The starting point is licensing. By licensing compliant exchanges, custodians, and payment processors, Nigeria unlocks transaction visibility, consumer protection, and fiscal oversight. This also formalises on-ramps and off-ramps, which is where economic value becomes measurable.
Beyond that, crypto rails should be integrated into real economic activity such as trade, remittances, and MSME payments, particularly within the AfCFTA framework.
Stablecoins, for example, can significantly reduce FX friction and settlement costs for cross-border commerce.
It’s also important to capture data, not just taxes. Transaction insights can inform monetary policy, financial inclusion strategies, and capital market development. Formalisation allows Nigeria to benefit from crypto without killing innovation.
TE: Which sectors of the Nigerian economy stand to benefit the most if crypto is fully integrated?
Chimezie Chuta: Payments and remittances will benefit immediately, faster and cheaper domestic and cross-border transfers, especially for diaspora inflows.
Trade and MSMEs will gain improved liquidity, easier invoice settlement, and access to cross-border trade financing. Capital markets could evolve through tokenised assets and fractional investments, widening retail participation.
The creative and digital economy is another big winner, as Web3 enables direct monetisation for creators, developers, and freelancers. Finally, crypto can significantly advance financial inclusion by serving the underbanked through mobile-first wallets and stablecoin rails. The strongest value lies at the intersection of inclusion, efficiency, and scale.
TE: With the Nigeria Tax Act now in effect, how can government tax crypto activity without stifling innovation?
Chimezie Chuta: Balance is everything. Government should tax value creation, not experimentation. That means focusing on realised gains, service fees, and institutional profits, not punitive transaction taxes.
Clarity and predictability are also critical. Clear guidance on taxable events, reporting thresholds, and the treatment of digital assets reduces uncertainty for both users and businesses.
Tax compliance should be aligned with licensed platforms rather than attempting to directly police peer-to-peer activity. A phased implementation approach allows the market to mature before aggressive enforcement. Over-taxation simply drives activity underground; smart taxation expands the base.
TE: Beyond tax revenue, what long-term economic benefits can crypto deliver to Nigeria?
Chimezie Chuta: The real upside of crypto lies in productive capacity, not just fiscal extraction. We’re looking at job creation across engineering, compliance, cybersecurity, legal, and product roles.
Crypto also supports high-value digital skills development, positioning Nigeria as a regional Web3 talent hub.
It can attract foreign direct investment into regulated platforms and infrastructure, and enable Nigeria to export financial services across Africa and beyond.
Importantly, credible local digital asset infrastructure helps retain capital that would otherwise leave the country.
TE: How would you assess Nigeria’s current progress on crypto regulation and licensing?
Chimezie Chuta: Nigeria has made meaningful progress. The SEC’s Digital Asset Rules now classify digital assets as securities and define regulated activities. We have VASP registration frameworks for exchanges, custodians, and intermediaries, as well as regulatory sandbox initiatives that allow controlled innovation.
There is also improving inter-agency coordination between the SEC, CBN, NFIU, and tax authorities. Licensing is critical because it converts crypto from a shadow system into regulated market infrastructure, improving trust and accountability.
TE: Why is licensing so important for both consumers and investors?
Chimezie Chuta: For consumers, licensing means proper custody standards, AML and KYC enforcement, dispute resolution mechanisms, and reduced fraud and platform risk.
For investors and institutions, it delivers legal certainty, counterparty confidence, bankability, and lower regulatory risk. Institutional capital does not enter ambiguous markets. Licensing is the bridge between adoption and investment.
TE: What lessons can Nigeria learn from other countries that have successfully regulated crypto?
Chimezie Chuta: Jurisdictions like the UK and EU under MiCA show the value of clear, activity-based licensing. Singapore demonstrates how risk-based supervision and innovation sandboxes can coexist. The UAE’s tiered licensing aligns regulation with scale and risk, while South Africa integrates crypto into existing financial services law rather than isolating it.
The common lesson is simple: clarity beats prohibition, and proportionality beats rigidity.
